Milli Bank is a good option if you're looking for an online high-yield savings account with a great interest rate and no fees or account minimums. The "Jars" feature on its savings account is particularly notable and can help you establish savings buckets for different goals. The bank's main downsides are that it offers very few products. In addition to its savings account, Milli only offers a checking account — one that does not earn interest or allow for mobile check deposits.
Milli Bank Overall Rating
| Feature | Business Insider Rating (out of 5) |
| Savings | 4.25 |
| Checking | 4 |
| Trustworthiness | 5 |
| Total | 4.5 |
Milli Bank Pros and Cons
| Pros | Cons |
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Milli Savings Account Rates
The Milli Savings Account pays 4.75% APY. This is one of the best rates out there right now, and significantly higher than the national average of 0.42% APY. Interest is compounded daily and credited to your account monthly.
This is a great account to help you save for goals. It comes with several tools to help you save more, including spending round-ups, auto-savings, and "Jars." Jars allow you to create sub-accounts for designated savings goals — like vacations, college tuition, or buying a house.
Milli Spending Account Overview
The Milli Spending Account is an online checking account that does not earn interest. It comes with both a physical debit card and a virtual one, and customers can withdraw cash at any Allpoint ATM (there are over 55,000 around the US).
You can only deposit money into your account via transfer from another account, direct deposits, or ACH deposits. Mobile check deposits are not possible through Milli's app, and you can't deposit cash. There are also spending limits on this account: $5,000 per day in debit card purchases and $1,000 per day in ATM withdrawals.
About Milli Bank
Milli Bank is an online-only bank and a division of First National Bank of Omaha. It has no physical branches and offers just two products: a savings account and a spending account.
The savings account's "Jars" feature is what sets it apart from more traditional savings accounts. These allow you to set up separate Jars — essentially goal-based sub-accounts — to save for different purposes.
Deposits in both Milli's savings and spending accounts are insured by the FDIC for up to $250,000, including the money in Jars.
The Milli mobile app has 3.5 out of 5 stars in the Google Play store and 3.1 out of 5 stars in the Apple store. To contact Milli Bank, you can use the chat feature in the mobile app or email support@milli.bank. Customer service is available from 8:30 a.m. to 5 p.m. Monday through Friday, and 8 a.m. to 4:30 p.m on Sunday.
Is Milli Bank Trustworthy?
Milli Bank isn't accredited by the Better Business Bureau directly, though its parent bank — First National Bank of Omaha — is. First National Bank of Omaha currently has an A+ rating with the BBB, indicating the company responds to customer complaints effectively and is transparent about its business practices.
Neither Milli Bank nor First National Bank of Omaha has had any recent public controversies.
Milli Bank FAQs
What is Milli Bank?
Milli Bank is an online bank. It's a division of First National Bank of Omaha and offers both a high-yield savings account and a spending account.
Is Milli Bank legit?
Milli Bank is a legitimate banking institution that offers a savings account and a checking account. Its parent company is First National Bank of Omaha, which has been around since 1857.
What is the Milli app?
The Milli app is the mobile application for Milli Bank, an online-only banking institution. The app is available on the Apple and Google Play stores, where it currently has ratings of 4 out of 5 stars.
Is Milli Bank FDIC-insured?
Yes, Milli Bank is insured by the FDIC. Consumers are protected on up to $250,000 in accounts with Milli Bank and its parent company, First National Bank of Omaha.
How Milli Bank Compares
Milli Bank vs. Betterment Cash Reserve
Milli Bank and Betterment both offer checking and high-yield savings accounts, but Betterment's savings account — called the Betterment Cash Reserve Account — comes with a higher interest rate. The bank is currently offering 4.00% APY. It also allows account holders to create goal-based savings buckets — much like Milli's Jars feature.
Neither Milli's nor Betterment's checking accounts pay interest, though Betterment's debit card does come with the potential to earn cash-back rewards. Betterment also has higher ratings on its app and offers additional products and services, including retirement accounts, investment portfolios, and financial planning.
Milli Bank vs. Popular Direct
Both Milli Bank and Popular Direct offer high-yield savings accounts with very high rates. Currently, Popular Direct Savings offers 4.05% APY. Popular Direct also requires at least a $100 minimum deposit, while Milli has a $0 minimum deposit.
Popular Direct doesn't offer checking accounts, so if you're in need of an online checking account, Milli is the better option. However, if you're interested in CDs, Popular Direct is worth consideration. The bank pays some of the best CD rates out there.
Why You Should Trust Us: How We Reviewed Milli Bank
To review Milli Bank, we rated its savings and spending accounts using Personal Finance Insider's bank account methodology. In general, we look at ethics, security, miscellaneous features, customer support, and mobile apps when rating an institution. Other factors we consider depend on which type of account we're reviewing. For example, we look at overdraft protection for checking accounts and interest rates for savings accounts. Each account receives a rating between 0 and 5.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
*Varo Savings Account: To earn the highest APY each month (5.00%) on up to $5,000, you must receive at least $1,000 in direct deposits each month and keep your Varo Bank Account balances above $0. Earn 2.50% APY on your remaining balance. Rates are subject to change at any time.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***Barclays Tiered Savings Account: Accounts with $250,000 or less will earn 3.65% APY, accounts with over $250,000 will earn 3.75% APY. Rate are determined by balance tiers and amount deposited.
1Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
1 APY — Annual Percentage Yield is accurate as of September 23, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.
